November 16, 2005, Easley, S.C. – CommunitySouth Bancshares, Inc., parent company of CommunitySouth Bank & Trust, announced today the results of its operations for the quarter ended September 30, 2005, the company’s second full quarter of operations. As of September 30, 2005, the company reported assets of $122.8 million, a $39.0 million or 47 percent increase from the preceding quarter. Deposits and loans increased to $94.1 million and $90.8 million, respectively, representing increases of $38.5 million or 69 percent and $19.9 million or 28 percent in these two categories. The company reported a net profit of $3.7 thousand for the quarter. Year to date, the company recorded a net loss of $862 thousand or $.29 per share. During the third quarter of 2005, the company made a provision for loan losses of $269 thousand based upon the bank’s increase in it is loan portfolio. Year to date, the company has provided $1.23 million for loan losses. At September 30th, the company’s allowance for loan losses amounted to 1.35 percent of total loans.
C. Allan Ducker, III, CEO of CommunitySouth Bancshares, Inc. stated, “The bank’s first nine months of operations have been extraordinary. Our strong growth trend continues in the third quarter, 2005. Also, to achieve profitability in our second full quarter of operations is a tremendous accomplishment. Most start up banks typically take 24 months or longer to become profitable. These extraordinary results are a testament to the market’s acceptance of our people oriented style of banking.”
CommunitySouth Bancshares, Inc. commenced operations in the upstate on January 18th of this year. Fueled by the largest initial public offering ever for a bank in South Carolina history, the company capitalized with $30 million and has grown total assets to $123 million since operations began in January. CommunitySouth is headquartered in Easley, SC and plans to cover the entire upstate market. Currently, the bank operates full service offices in Easley and Mauldin and plans to open a full service office in Spartanburg within the next two months. The bank also has a loan production office in Greenwood that they plan to convert to a full service branch in 2006. CommunitySouth offers a complete line of banking products and services, including commercial loans, consumer loans, mortgage loans, checking accounts, savings accounts, and certificates of deposits. For additional information about CommunitySouth call (864) 306-2540 or visit www.communitysouthbankandtrust.com.
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